TL;DR Breakdown
• According to DCCM, in the UAE, there are over 900 license applicants to operate with cryptos.
• Dubai could become the next country in the world to accept cryptocurrencies.
The cryptocurrency market is on the rise, and some enthusiasts in Dubai know this. According to the national authority, the country expects to host about 1000 crypto businesses for the next year.
Both Dubai and its capital city, Abu Dhabi, have created various cryptosystems to motivate domestic businesses. But the authority tries to create rules so that crypto trading is safe for everyone.
New crypto projects in Dubai
The UAE stands out for the fiat trade that has helped it become one of the richest countries in the Middle East. However, this achievement does not conform to the national authority interested in cryptocurrencies and their growing trade.
According to the Blockchain Center CEO in Dubai, Marwan Zahrouni, the country welcomes cryptocurrencies. A few years ago, the country was only desert, and today it is a powerhouse. Zahrouni was very encouraged by the crypto adoptions wave that the UAE has shown this year.
Attention to the cryptocurrency market has increased in recent months in various parts of the world, including the UAE. People understand that crypto trading is more versatile when making payments or any investment. Crypto investments have increased at the business level and personally among the citizens of the UAE, which strengthens the ideals of the country.
For now, decentralized currencies do not have the approval of the Main Entity in Dubai. However, the authority has allowed this operation across borders. This measure may be lifted in the coming months by making Bitcoin or other tokens work alongside the UAE Dirham.
DMCC boosts crypto trading within the UAE
Speculation about the rise in cryptocurrency trading within the UAE is based on the reports that DMCC shows based on virtual tokens. According to the technology agency for cryptocurrencies and new Blockchain networks, the country has at least 100 companies working with cryptos and some 900 applicants for licenses. These applicants must go through tests to verify their reliability to operate with cryptos and offer their services to citizens.
Dubai hosted its first Cryptocurrency Expo during the current month, attracting thousands of enthusiasts. At this conference, it was found that exchanges like MidChains have had a good year with crypto adoptions. The crypto platform reportedly saw a rise in its crypto adoption volumes surpassing $1 billion in just ten months of 2021.
But the BitOasis platform reported that it raised about 30 million dollars in the financing series in October. Both crypto companies have shown that the UAE has a future with virtual currencies becoming a key player for the token price spike.
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